Korea, Philippines sign $1 billion soft loan (EDCF) arrangement for Philippine infrastructure projects
Government of the Republic of Korea and the Government of the Republic of the
Philippines signed a $1 billion Framework Arrangement Concerning Loans from the
Economic Development Cooperation Fund (EDCF) on May 4, 2018 at the Department
of Foreign Affairs Building.
HAN Dong-man and Foreign Affairs Secretary Alan Peter Cayetano signed the
Framework Arrangement on behalf of Korea and the Philippines. The $1 billion
commitment from 2017 to 2022 will be in the form of concessional loans from the
EDCF to finance multiple infrastructure projects in the Philippines. “I
believe this Framework Arrangement will be an important milestone for deepening
bilateral ODA cooperation,” Ambassador Han said during the signing
first project to be funded under the Framework Arrangement will be the $199
million New Cebu International Container Port Project through a $173 million loan
from the EDCF. The project aims to decongest the existing Cebu International
Port by constructing a new container port in Consolacion, Cebu.
infrastructure cooperation is expected between Korea and the Philippines on the
occasion of the signing of the $1bn Framework Arrangement.
Philippines is currently the third largest EDCF partner of Korea. The signing
of the Framework Arrangement serves as Korea’s commitment to remain as a key
economic partner of the Philippines.